I bought a piece of machinery for my small business using a loan. Do I enter the machine in as an asset at the purchase price? I know I can deduct the interest.

posted

Connect with an expert

1 Best answer

Accepted Solutions

Yes. Enter the machine as an asset using its cost as the basis.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

1 Reply

Yes. Enter the machine as an asset using its cost as the basis.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Do you have an Intuit account?